Would you consider fast cash loans if unexpected bills suddenly popped up in your mailbox before your next payday? Taking out a payday loan has become a savior for those trying to work around a shortage of cash, and today’s unforeseen expenses are making online loans very attractive in desperate times. In fact, online loans have become the tool of choice for everyone looking to locate money quickly.
Individuals rapidly turn to online cash advance loans because the lending criterion does not include any credit checks. Banks generally use a credit scoring system to determine eligibility for their financial products, and the consumer will have to qualify, not to mention the credit score will determine their interest rate. This process is time consuming and it becomes a problem when an emergency arise.
Guidelines for online loans are streamlined, thereby opening up access to cash to a bigger pool of consumers.
Eligibility criteria for an easy payday loans with no credit checks
Lenders realize that emergencies occur and not all customers are able to meet traditional lending criteria. For online cash loans, the customer is expected to meet the following requirements:
- Must be a U.S. citizen
- 18 years of age
- Have full-time verifiable employment
- Must have a valid bank account — savings or checking, but preferably a checking account
- Be able to verify identity
- Must have a contact number at home and/or work
Today, traditional lending guidelines remain strict, but there are many vendors offering online unsecured loans for borrowers looking for flexible guidelines and instant approval. For the most part, consumers can choose between using a direct lender or a loan broker for online loans.
Applying to a Direct Lender
Direct loan lenders deal directly with the consumer, once the application is submitted the lender will verify the information and if approved, transfer funds the next business day.
Another benefit of a direct lender is time. When dealing directly with the lender, there is only one application to complete. Brokers require multiple applications, based on the different lender criteria; however, this isn’t always a disadvantage, but you certainly spend a lot of wasted time completing multiple applications.
Yet, even better, one of the primary unspoken benefits of dealing directly with lenders is the savings on the loan. Consumers are the ones who pay the brokers commission. For every new loan, the direct lender compensates the broker with a small percentage. This helps to accommodate the broker’s commission for bringing in business.
It may seem that direct loans are the smart way to go, but brokers bring some beneficial options too. Visit this site too!
Using a Loan Broker
Admittedly, dealing one-on-one with one lender makes the process much easier. If an application is denied, you’re typically left on the hunt for the next lender. Brokers take your initial application and forward to several lenders at once, thus providing you more options for funding. It is definitely a time saving technique.
This is one of the downfalls for direct lenders, and while a time-saver, it still shouldn’t be overlooked. Consumers waste a lot of time applying for and requesting a specific loan amount. If denied, the hunt is on for yet another loan. This is definitely a plus for brokers.
Every situation is different and determining which lender is best will depend on your circumstances.
Flexibility of Online Loans
Online cash loans have flexible terms, in fact, better than any other traditional lender. If you choose to extend your payday loan, the lender usually charges a small additional fee, which is refinanced into the total balance of your loan. Many lenders also allow multiple loan extensions.
Another benefit of an online cash loan are issues with missing a payment. Typically, missed loan payments end up as a negative on your credit report, but not with online vendors. Payday lenders do not report payments to credit bureaus.
It can be tough keeping up with bills and fast trustcash loans often help many of us make it from payday to payday.